LOL....By Bush you mean it just happened on his watch. However, the collapse had been set in motion by Clinton, Correct?
In 92 the CRA, Community Reinvestments Act revisions signed by Clinton. Clinton signed the Federal Deposit Insurance Corporation Improvement Act, which strengthened the CRA’s requirements for banks to meet local credit needs. This led to increased lending to underserved communities, including subprime borrowers.
He also that year pushed for the Housing Enterprise Asset Preservation Act, which required that Fannie Mae and Freddie Mac to dedicate 30% of their purchases to affordable housing. Latter to become 50%. Giving way to a large addition of subprime mortgages onto the market.
In 95 his HUD department wanted to increase even more home ownership to low income families. This strategy encouraged lenders to make more subprime loans, as it prioritized access to credit over prudent lending practices. Where whatever you put on the loan doc was taken as gospel as ninja, no income no job loans, became a thing.
Then in 99 Clinton led the charge and signed the repeal of sections 20 and 32 of the Glass Steagall Act. You have also the congress during those years and Robert Rubin his Sec of the Treasury that were involved. Not to forget that Greenspan was in favor. So there is a host of folks involved and Clinton has a lion share as well.
So to just say that it all came down under Bush is intellectually dishonest to do so without proper explanation. Your internet rekt moment comment, just lacks any real substance.
P.S. As a side note don't ever make me have to defend Bush.........yuck............LOL Puts a bad taste in my mouth.........LOL
In 92 the CRA, Community Reinvestments Act revisions signed by Clinton. Clinton signed the Federal Deposit Insurance Corporation Improvement Act, which strengthened the CRA’s requirements for banks to meet local credit needs. This led to increased lending to underserved communities, including subprime borrowers.
He also that year pushed for the Housing Enterprise Asset Preservation Act, which required that Fannie Mae and Freddie Mac to dedicate 30% of their purchases to affordable housing. Latter to become 50%. Giving way to a large addition of subprime mortgages onto the market.
In 95 his HUD department wanted to increase even more home ownership to low income families. This strategy encouraged lenders to make more subprime loans, as it prioritized access to credit over prudent lending practices. Where whatever you put on the loan doc was taken as gospel as ninja, no income no job loans, became a thing.
Then in 99 Clinton led the charge and signed the repeal of sections 20 and 32 of the Glass Steagall Act. You have also the congress during those years and Robert Rubin his Sec of the Treasury that were involved. Not to forget that Greenspan was in favor. So there is a host of folks involved and Clinton has a lion share as well.
So to just say that it all came down under Bush is intellectually dishonest to do so without proper explanation. Your internet rekt moment comment, just lacks any real substance.
P.S. As a side note don't ever make me have to defend Bush.........yuck............LOL Puts a bad taste in my mouth.........LOL
And all the right people (like Hank Paulson) were bailed out by taxpayers @100 cents on the dollar.
And thus began the perpetual socialized losses gameplay that we still suffer today.
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